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Mezzanine and Project Finance精选.pdf 22页

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6 Mezzanine and Project Finance Very often I have been asked to define or demarcate project finance, and very often I have done 1 so by defining it in contrast to corporate finance. However, ultimately one could argue that corporate finance is a bundling of many project finances put together and run through one bal- ance sheet. I don’t object to that approach. It is not possible, nor is it my intention, to be fully comprehensive when it comes to the fundamentals and techniques of project finance in this chapter. That would not be in line with the objectives of this chapter, nor the book in general for that matter. What I’ll try to do is provide the components of the framework within which project finance is active, in order to better understand the role mezzanine products can play (or not). As a starter, let’s (try to) agree on the following features for each of the techniques (see Table 6.1): Table 6.1 Corporate versus project finance Corporate finance Project finance Capital formation Will impact debt capacity Will not impact debt capacity, because it is off balance sheet Risk exposure Could impact overall cost Limited structure and cost of funding Tax shield Hard to take advantage of Easier to bundle Cash flow Subject to corporate policy on Directly to the investor dividend (corporate treasury) Cost of project financing None High due to setting up cost Capital cost Companies’ track records

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